Question 1

What has changed for home Sellers?

Accepted Answer

A seller can now negotiate any seller's contribution given to the buyer in order to pay for the representation of the buyer. This means that it will be part of each offer and therefore a negotiation, like it is for price and other conditions.

Question 2

What was it like for home Sellers before the NAR lawsuit updates?

Accepted Answer

A seller unilaterally offered commission to the buyers agents on the MLS Listings. This was non-negotiable and it became earned once the buyer's agent found a buyer. It was never to be part of the negotiation along price and other conditions.

Question 3

What has changed for home Buyers?

Accepted Answer

This is the biggest change. In order for ANY buyer to open any home on MLS, they must sign a Buyer's Agency form between them and their agent. This form requires a buyer to pay their own agent a set priced commission. Most buyers more than likely will ask this commission to be a seller's contribution during the negotiations.

Question 4

What was it like for home Buyers before the NAR lawsuit updates?

Accepted Answer

The buyer's were NOT required to sign any buyer's agency form that promises commission to their own agent. The buyer's agent earned their commission upon finding a buyer for the seller.

Question 5

Why were these changes made?

Accepted Answer

It was a change made by the National Association of Realtors in response to a federal lawsuit.

https://www.nar.realtor/the-facts/what-the-nar-settlement-means-for-home-buyers-and-sellers (https://www.nar.realtor/the-facts/what-the-nar-settlement-means-for-home-buyers-and-sellers) (https://www.nar.realtor/the-facts/what-the-nar-settlement-means-for-home-buyers-and-sellers)

Question 6

What has NOT changed from this lawsuit?

Accepted Answer

The listing agent is still the licensee in charge of the accuracy and responsiveness of the listing. The listing agent still represents the seller. The MLS is still only composed of member licensees that oversee the listings. The local MLS sets the rules and fines for any misuse or mishandling of a listing. MLS is still not a FSBO service.

Question 7

What should you know as a home Seller?

Accepted Answer

Each local area will be negotiating different amounts of seller's contribution given to the buyers for their own buyer's agency form. It is best to call our Broker and find out how much that could be, since it will not be known until an offer is submitted. Flat Fee MLS Listing can be very helpful in this type of market, but responsiveness is important. This is because the offers will now contain more about the commission contribution. While a seller will not have to offer anything, the seller may also not be competitive enough with other listings in your area to get an offer. Contact our Broker to discuss your options around your MLS area.

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BY SAVVY WAY REALTY, Inc.